Security Capital Assurance appointed Elizabeth Keys as senior vice president and chief financial officer effective June 1. Keys will succeed David Shea who will depart from the insurance firm to pursue other options. Shea will serve as an advisor to the firm until June 15 to assist in the transition of responsibilities.

"On behalf of all of us at SCA, I want to thank David for his many contributions to the Company since 2003, " said Paul Giordano, SCA's president and chief executive officer. "In particular, David was instrumental in helping the company execute its initial public offering in 2006. We wish him all the best in his future endeavors."

In her new role, Keys will be responsible for managing the finance function, overseeing and directing financial accounting, short-term business planning, budgeting and long-range forecasting, and directing the treasury and investments operation. She will report directly to Giordano and serve on the firm's executive management committee.

Since August 2006, Keys has been SCA's managing director and head of financial planning and analysis. In this role, she established and led the financial planning and analysis function of SCA and its subsidiaries.

Before her most recent role, she was  the chief financial officer of XL Capital Assurance (XLCA), a subsidiary of SCA. In that position, she was responsible for all aspects of XLCA's financial activities, including financial accounting and reporting and strategic and business planning, according to an SCA release.

Before joining XLCA in 2005, she was controller for GMAC Commercial Finance, a subsidiary of General Motors Acceptance Corp., where she was responsible for the division's quarterly reporting, balance sheet management, development and monitoring of corporate accounting policies and Sarbanes-Oxley compliance.

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